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TOKYO (AP) - Japan's financial regulator on Friday ordered Citigroup Inc.'s Japanese trust banking unit to halt all new operations as of May 2, accusing the bank of misleading inspectors with misinformation and violating accounting rules.
The Financial Services Agency's ruling against Cititrust and Banking Corp. was the latest reprimand for the largest U.S. financial institution, following the agency's decision in September to pull Citigroup's private-banking license and charge the company with legal violations.
Citigroup said last year it would close the trust bank by October, and the FSA action accelerates those plans.
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